TipRanks has compiled a list of Wednesday’s biggest pre-market stock movements.
Mixed sentiment on earnings releases and guidance, along with other variables, seem to have dominated the stock market on Wednesday.
Using TipRanks’ new Top Stock Gainers/Losers page, we’ve identified the top five pre-market stock movers, as detailed below.
Biggest Movers
CoStar Group, Inc. (CSGP) was the biggest laggard in the pre-market trading session, as the stock plummeted around 24% at the time of writing. Despite upbeat fourth-quarter 2021 results, the negative sentiment followed the company’s disappointing guidance. For the first quarter of 2022, CoStar expects earnings of $0.27 to $0.28 per share against the consensus estimate of $0.30 per share. For 2022, earnings are expected in the range of $0.95 to $1.02 per share, below the Street’s expectations of $1.27 per share, while revenue is forecast in the range of $2.145 billion to $2.165 billion, falling short of analysts’ expectations of $2.23 billion. The company is a provider of information, analytics and marketing services to the commercial property industry.
Another loser, Rackspace Technology, Inc. (RXT) tanked 21.7% in the pre-market trading session. The American cloud computing company beat both earnings and revenue expectations in the fourth quarter of 2021 but provided disappointing guidance. For the first quarter of 2022, the company predicts earnings in the range of $0.20 to $0.22 per share versus the consensus estimate of $0.26 per share, while revenue is forecast between $768 million and $778 million, below analysts’ expectations of $789.5 million.
Meanwhile, Brazil-based Nu Holdings Ltd. (NU) gained 10.8% in the pre-market trading session, at last watch. The digital financial services platform and technology company posted strong results for the fourth quarter of 2021, with a revenue beat driving investors’ optimism. Revenue for the quarter came in at $635.9 million against the consensus estimate of $393.76 million.
MercadoLibre, Inc. (MELI) jumped in the pre-market trading session, recording gains of around 10% at the time of writing. The Argentina-based company provides the largest online commerce and payments ecosystem in Latin America. The positive sentiment followed the company’s upbeat fourth-quarter 2021 results. It posted an adjusted EPS of $1.67, above the consensus estimate of $0.95 per share. Additionally, revenue for the quarter stood at $2.1 billion, above analysts’ expectations of $2.02 billion.
Global cybersecurity leader Palo Alto Networks, Inc. (PANW) rounded off the list. It rose almost 8% in the pre-market trade, at the last check. Investors’ optimism rose on the company’s better-than-expected results for the second quarter of Fiscal Year 2022 (ended January 31). Also, the company provided strong guidance. Palo Alto forecasts third-quarter 2022 EPS of $1.65-$1.68 versus the consensus estimate of $1.63 per share. It expects to post revenues in the range of $1.345 billion to $1.365 billion, compared to the consensus estimate of $1.35 billion. For Fiscal 2022, EPS is expected in the range of $7.23 to $7.30, compared to analysts’ expectations of $7.23 per share. Further, the company anticipates revenues between $5.425 billion and $5.475 billion versus the consensus estimate of $5.39 billion.
Continue to watch this space. Tomorrow, we’ll have another up-to-date piece on stock Pre-Market Movers…
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